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What was the total amount of interest charged

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Question - Falco Inc. financed the purchase of a machine with a loan at 3.18% compounded semi- annually. This loan will be settled by making payments of $8,800 at the end of every six months for 9 years.

a. What was the principal balance of the loan?

b. What was the total amount of interest charged?

Reference no: EM133059442

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